They will invest $15 billion in the aluminum industry by 2030

The outlook for the aluminum industry aims to maintain its contribution to Mexico's GDP, ranging from 3 to 3.5%, generating approximately 600,000 direct jobs and over 1.5 million indirect jobs, according to Canalum.

The aluminum industry projects a significant annual growth, estimated between 10 and 12% by the year 2024. Additionally, it is envisioned that Mexico could attract foreign direct investment directly linked to aluminum, reaching nearly $15 billion by the year 2030.

Julio César Martínez Rivas, president of the National Chamber of Aluminum (Canalum), highlighted that factors such as salary increases and social programs injecting liquidity into the consumer market will play a crucial role in boosting the use of aluminum in Mexico.

Favorable Environment

Martínez Rivas pointed out that the upcoming year will be an electoral one, and with the possibility of fostering a favorable environment for consumption and obtaining a positive sentiment for voting, a government stimulus in spending is expected, benefiting both Mexico and the United States.

The expectation in the aluminum industry is to continue contributing between 3 and 3.5% to Mexico's GDP, generating 600,000 direct jobs and over 1.5 million indirect jobs.

The president of Canalum emphasized dynamic growth in sectors related to aluminum, such as automobiles, renovations, appliances, kitchen utensils, and food, urging industry stakeholders to focus their projections on these areas.

Capacity Expansion

Martínez Rivas anticipated that from next year onwards, new investments will strengthen the aluminum market in Mexico, citing the establishment of plants by automotive companies like Tesla, as well as capacity expansion by technology companies such as Hitachi, and the confirmation of the presence of major manufacturers like Paramount in Coahuila.

The Canalum leader highlighted the relevance of the aerospace sector, urging investors to remain vigilant in 2024, as Mexico has started to grow and become more attractive in this area.

Significant Increase

In the context of nearshoring, Martínez Rivas emphasized that a significant increase in investment from the United States has been observed in 2023, rising from $1.686 billion in 2022 to $7.177 billion by the third quarter of 2023, a 425.7% increase. He asserted that the nearshoring opportunity should not be overlooked, evident in the growing investments from countries like Taiwan, India, and South Korea in Mexico, while China and Japan maintained stability in their investment pace.